Egyptian tycoon Naguib Sawiris made a fortune from mobile telephony in emerging markets before a $6.5 billion disposal of his major assets in 2011 to Russia’s Vimpelcom. Last month he offered to buy a stake in indebted Telecom Italia and has expressed interest in acquiring France’s SFR. This marks a return to Europe for Sawiris, whose net worth FORBES puts at $3.1 billion. He also entered Egyptian politics following the fall of President Mubarak, albeit with limited success.

One asset that the billionaire has held onto is a joint venture in North Korea. The country’s only cell network, Koryolink has seen rapid growth since its launch in December 2008. Sawiris has a 75% stake in Koryolink via his Orascom Telecom Media & Technology (OTMT) unit, with the remainder held by a company under the Ministry of Post & Telecommunications. He says revenues in 2012 should reach around €186 million ($145 million), with an average revenue per user of €8.6. The network only permits domestic calls and locally hosted data services. A separate cell network is available for foreigners in North Korea.

OTMT is also helping to finish construction on the pyramid-shaped Ryugyong Hotel that dates back to the 1980s. Kempinski has agreed to manage the city’s first luxury hotel, dubbed the ‘Hotel of Doom’. Sawiris must be aware of the irony of an Egyptian company building a giant pyramid in Pyongyang. His own political liberalism -- he founded the Free Egyptian party in 2011 -- also runs against the grain in the Democratic People’s Republic of Korea (DRPK). He may be hoping to debunk the belief that North Korea is to foreign capital what Afghanistan is to empire-builders.

Sawiris agreed to an email exchange with FORBES after a recent visit, his second in 2012 following the death last year of dictator Kim Jong-Il and succession of his son, Kim Jong-Un.

FORBES: How many subscribers does Koryolink have? How extensive is your coverage in DPRK?

NAGUIB SAWIRIS: Koryolink currently has more than 1.5 million subscribers. Coverage includes the capital Pyongyang in addition to 15 main cities, more than 100 small cities, and some highways and railways. Territory coverage is around 14%, and more than 90% population coverage. The subscriber base has been increasing at a very healthy rate from 950,000 at [year-end] 2011 to an estimated 1.7 million at [year-end] 2012.

FORBES: Under your joint venture with the Ministry of Telecommunications, when will Koryolink lose its exclusivity? What will happen after this period ends?

NS: Exclusivity was granted for a period of 4 years from launch. After the expiry of exclusivity in Dec. 2012, Koryolink received written confirmation that for an additional period of 3 years (until 2015) no foreign investors will be allowed in the mobile business. However, we are continuing to expand our network and services to further solidify our position [in order] to be ready for any possible competition.

FORBES: What is your role in the construction of the Ryugyong Hotel? What other real estate interests do you have in DPRK?

NS: This is a special investment that we are maintaining through our banking subsidiary in the DPRK, where Orascom has the right to operate this facility. The construction, repair and facade installations have all been completed last summer. We are planning to relocate Koryolink headquarters into the tower very soon to bring life to the building. There are no other real-estate investments in the DPRK, however, Orabank, our banking arm in DPRK, is actively working towards developing mobile-related businesses and projects.

6. Can you talk about the changes you noticed on your recent visit to Pyongyang. Do you sense a strongly reformist agenda from the new leadership?

NS: I have noticed more care given to the decoration of the streets with more flowerbeds and plants and an overall very good maintenance of streets and parks. I also noticed a great increase in the number of cars in the streets in a relatively short period of time. They are keen to attract foreign investors and they are definitely taking reformist steps but they are still hesitant and slow steps.